Are poker winnings taxable?

StinkyFingersStinkyFingers
in General Poker Chat
Hi guys,

New to the forum. I started playing online about 6 mths ago. My initial $500 bankroll slowly shrank until I got down to about $50. Although it was not a good time for me I did learn a lot from all that losing. Since then I have turned things around. After a period of breaking even, I started to slowly win some money! Over the last few months things have definately changed for the better. I now win pretty consistently. Playing 2/4 limit and $5/10 NL tourneys, I am now making some $$$. I have gotten my bankroll up to $2000 over the last two months. My question is this; If you win consistently at online poker, do you have to declare the winnings as income with Revenue Canada? I am making two to three hundred bucks a week as of late. Should I be worrying about the taxman?

Comments

  • UnknownUnknown
    !@$^(%%) the taxman. TIf online poker is not your primary source of income I wouldn't worry about it.
  • ScottyZScottyZ
    Try a forum search for the word "tax" and you should find some useful threads.

    ScottyZ
  • zerozero
    I did read somewhere that its only taxable if its your main income. As long as you have another job that pays more you're fine.
  • stonesknstoneskn
    they won't come after ya :D if you're making $500 a year, they aren't going to notice. plus. i think their isn't tax for winnings in canada..thoughts?
  • GrahamGraham
    stoneskn wrote:
    they won't come after ya :D if you're making $500 a year, they aren't going to notice. plus. i think their isn't tax for winnings in canada..thoughts?


    there isn't. Unless you're silly enough to write "online poker player" as your profession. As of now, there are no 'off the top' taxes on any winnings in Canada. If you win $10,000,000 on lotto 6/49 the entire cheque goes into your account.
  • ScottyZScottyZ
    If you win $10,000,000 on lotto 6/49 the entire cheque goes into your account.

    True, since you are talking about lottery in this particular example, rather than another form of gambling.

    Payouts from lottery specifically are singled out in the Income Tax Act as non-taxable capital gains. However, tax law for gambling winnings other than lottery is very much a grey area.
    As of now, there are no 'off the top' taxes on any winnings in Canada.

    Putting the word "any" in there makes a huge difference, and it's not clear to me whether or not such a blanket statement is correct.

    ScottyZ
  • bigbadwoofbigbadwoof
    A few years ago there was a guy, from the east coast if I remember correctly but I may be wrong, that was winning regularly on pro-line. It got to the point that he was winning so much they tried to tax his winnings, he fought it and I wish I could remember the outcome as it means there is a precedent, one way or the other.

    The arguement, as far I see it is, unless they let you claim your losses they should ignore gambling winnings.
  • ScottyZScottyZ
    Here is a direct quote from a case in the Tax Court of Canada:

    "Casual gambling gains are not a source of income under section 3 of the Income Tax Act."

    http://www.canlii.org/ca/cas/tcc/2003/2003tcc707.html

    Of course, here is another direct quote from the same case which makes me believe that direct quotes from such cases perhaps should not be taken as precise, truthful, and accurate legal statements.

    "John Turmel introduced Mr. Epel to the game of Texas Holding poker and taught him how to play."

    :)

    I found no relevant cases doing a CanLII search for "pro-line", "proline", or "sport select".

    ScottyZ
  • UnknownUnknown
    Good Breakdown of Poker and taxes can be found here.

    http://www.pokereh.com/legal/taxes.html
  • RiverRat33RiverRat33
    bigbadwoof wrote: »
    A few years ago there was a guy, from the east coast if I remember correctly but I may be wrong, that was winning regularly on pro-line. It got to the point that he was winning so much they tried to tax his winnings, he fought it and I wish I could remember the outcome as it means there is a precedent, one way or the other.

    The arguement, as far I see it is, unless they let you claim your losses they should ignore gambling winnings.
    Youve said a lot of nothing in many words . Don't answer posts if you don't know wtf you're talking about.
  • compueasecompuease Admin
    sick bump of 6 year old thread.
  • RiverRat33RiverRat33
    compuease wrote: »
    sick bump of 6 year old thread.
    please don't use the word "sick " ..be original...don't be a puppet and copy words from players you watch on tv just so you believe you're actually part of the professional crowd...it makes you look foolish
  • HobbesHobbes
    Welcome back fed
  • GTA PokerGTA Poker
    RiverRat33 wrote: »
    Youve said a lot of nothing in many words . Don't answer posts if you don't know wtf you're talking about.

    Please don't bump threads that have zero relevance to your game Or your life (exampli gratia: poker winnings, impeccable hygiene, wit). It is in poor form.

    The management.
  • STR82ACESTR82ACE
    Post count 3
    Number of posts bashing someone 3

    Doubt its Fed. Still still get the some response though.
  • OS KidOS Kid
    bigbadwoof wrote: »
    A few years ago there was a guy, from the east coast if I remember correctly but I may be wrong, that was winning regularly on pro-line. It got to the point that he was winning so much they tried to tax his winnings, he fought it and I wish I could remember the outcome as it means there is a precedent, one way or the other.

    The arguement, as far I see it is, unless they let you claim your losses they should ignore gambling winnings.

    here is the article.
    Gambling duo prove there's no tax on luck[Canada]
  • piggypie123piggypie123
    GTA Poker wrote: »
    Please don't bump threads that have zero relevance to your game Or your life (exampli gratia: poker winnings, impeccable hygiene, wit). It is in poor form.

    The management.
    lol
  • Wetts1012Wetts1012
    GTA Poker wrote: »
    Please don't bump threads that have zero relevance to your game Or your life (exampli gratia: poker winnings, impeccable hygiene, wit). It is in poor form.

    The management.

    Ohhhh the irony. <3
  • compueasecompuease Admin
    RiverRat33 wrote: »
    please don't use the word "sick " ..be original...don't be a puppet and copy words from players you watch on tv just so you believe you're actually part of the professional crowd...it makes you look foolish

    awww, and here I thought I invented the term...HU4ROLZZZ? And by the way I have no problem looking foolish naturally.. Just ask anyone around here..


    And this one is not Fed unless he moved out to darbay land..
  • UnknownUnknown
    compuease wrote: »
    And this one is not Fed unless he moved out to darbay land..
    not likely


    5495893512_a5c1174355_o.jpg
  • literationliteration
    I've seen that before, a long time ago.
  • piggypie123piggypie123
    STR82ACE wrote: »
    Post count 3
    Number of posts bashing someone 3

    Doubt its Fed. Still still get the some response though.

    Who is fed? Is he banned from the site or something?
  • CerberusCerberus
    darbday wrote: »
    not likely


    5495893512_a5c1174355_o.jpg

    Such a horrible game!
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